DeFiGrail
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Markets 101
What Is Money?
The three jobs money does, why fiat works on trust alone, and the gap crypto claims to fill.
What Is a Stock?
A share is a slice of a company — ownership, a claim on profits, and a vote. The TradFi primitive crypto keeps comparing itself to.
Order Books & Exchanges
Bid, ask, and the matching engine — how every exchange (TradFi or crypto CEX) actually sets a price.
What Is a Blockchain?
A database thousands of strangers maintain together, where no one can quietly edit the past — the substrate all of DeFi runs on.
TradFi: A shared, tamper-evident ledger
Wallets & Keys
A wallet doesn't hold coins — it holds the keys that prove they're yours. Lose the key, lose the funds. There is no reset.
TradFi: Safe-deposit box + a signature
Tokens & Standards
ERC-20 made every token speak the same language — the standard that turned Ethereum into a financial Lego set.
TradFi: Casino chips (fungible) vs. trading cards (unique)
Crypto vs. Stocks
The honest comparison: where tokens rhyme with stocks, where the analogy quietly breaks, and what's genuinely new.
TradFi: Equities market ↔ crypto market